Yesterday’s Turkish fund stress has moved from redemptions to state-managed unwinding. The central bank supplied 300 billion lira of repo funding, while the maintenance-margin requirement was cut from 35% to 20%. Regulators froze trading and ordered liquidation at funds from seven firms; Reuters says the affected vehicles held 891 billion lira for 353,000 investors. Reuters, September 17
Those measures relieve two different pressures. Repo funding helps intermediaries finance positions; lower margin slows forced sales. Neither creates an outside buyer for concentrated, thinly traded shares whose rising prices had supported fund NAVs. A controlled liquidation may spread the adjustment over time, but the marks still have to meet a market eventually.